WASHINGTON – Initial jobless claims increased to 479,000 for the week ending July 31, above economists' estimates and the highest level since April, the Labor Department reported today.
Continuing claims fell to 4.537 million for the week ending July 24.
Economists expected 453,000 initial claims and 4.540 million continuing claims, according to the median estimate from Thomson Reuters.
Through the first seven months of 2010, initial claims have ranged from a high of 490,000 set on January 30 to a low of 427,000 reached on July 10. Last week's initial claims figure was the highest since April 10.
Initial claims for the week ending July 24 were revised higher to 460,000 from 457,000. Continuing claims for the week ending July 17 were revised to 4.571 million from 4.565 million reported last week.
The four-week moving average for initial claims increased to 458,500 from 453,250, the highest level in four weeks. The four-week average for continuing claims increased to 4,575,500 from 4,549,750.
Initial claims data from Tennessee were estimated by the Labor Department for last week. Nineteen states reported a decrease of more than 1,000 initial claims for the week ending July 24. No states reported an increase of more than 1,000 claims.
